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What are personal loans?

Personal loans are unsecured loans used to consolidate debt or pay for life's big events. With a fixed rate and fixed term, personal loans could help you save hundreds—or even thousands—of dollars by eliminating higher-interest debt. A Discover personal loan, which has no origination fees, may be an ideal solution for people with good credit and a strong financial history.

Still have questions?

FAQs about personal loans

What can I use a personal loan for?

A common use for a personal loan is to consolidate debt. But there are many uses for a personal loan. For example, you could use a personal loan for financing a trip to Europe, a dream wedding or home appliances. Besides funding a major purchase, a personal loan could help you manage major expenses, such as medical bills or moving costs.

How can I get approved for a personal loan?

Whether or not you'll be approved for a personal loan is determined by many factors. Some of these include basic information on the application and data compiled from credit bureaus.

In general, keep an eye on your financial situation and review your credit report regularly. If you maintain good financial standing by doing things like paying bills on time, you could improve your chances for approval.

What kind of personal loan interest rate can I get?

Interest rates are determined by many factors such as your credit history, application information, and the term you select. While your personal loan interest rate is important, you should consider the overall cost of the loan. For example, origination fees and closing costs reduce the amount of the loan proceeds you receive. At Discover, we offer competitive, fixed rates and no fees as long as you pay on time. Ultimately the interest rate you get could help you consolidate debt as well as save on overall interest.

If I use a personal loan to consolidate debt, do all the funds have to go directly to creditors?

You could use the funds to pay your creditors directly or receive the funds via direct deposit or check. You could also decide to pay your creditors directly and receive a portion of the funds as well.